Ways to Avoid Selling Your Home to Prevent Foreclosure in California
Every loan comes at a certain rate of interest and the borrower is required to pay an equated monthly installment (EMI) every month for a specified number of months as per the agreement until the loan amount along with the interest on it is paid back. And if at all it happens that you are unable to do the same, there arises a need of selling your house or mortgaged property and filing for a bankruptcy for the foreclosure of the loan. While the EMIs remain constant over a period of time, the same cannot be said about one’s source of income. The income of a borrower can dwindle due to a loss of job, medical emergency and a number of other issues. What can be one’s possible course of action if one fails to pay EMI to clear one’s overall debt? Normally, borrowers file for bankruptcy in Los Angeles with the help of a bankruptcy law firm to prevent the encroachment of their assets, including their home and vehicle. This is best way out to avoid selling your home and to solve the ha...